JPMorgan Chase & Co (JPM) is a global financial service leader in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and commercial banking.
As a part of the bank’s normal annual review process, it is dismissing hundreds of employees in its asset and wealth management unit globally. The New York-based bank had recruited 24-thousand people in the above division at the end of last year.

As reported in a Bloomberg’s article Mr. Darin Oduyoye, spokesperson for the bank stated: “It is normal course of business for us to review our staffing annually to ensure appropriate levels, and adjust as necessary.”, “We continue to invest in our business and talent, including hiring top advisers in key markets and expanding our product and service offering.”